Elections in Bankrupt U.S. City Usher in Pension Reformers, Calpers Battle

November 8, 2013 – In The News

Reuters

Share This Page

Michael Sweet was quoted in the Reuters article "Elections in Bankrupt U.S. City Usher in Pension Reformers, Calpers Battle." While the full text can be found in the November 8, 2013, issue of Reuters, a synopsis is noted below.

Elections in the bankrupt city of San Bernardino, California this week saw the ushering in of new leaders, ones who say they are determined to take on California’s retirement system and the city’s pension costs.

Most of the new leaders are set to be sworn in next week, days before closed door meetings with creditors are set to begin.

"To the extent you now have a council which views pensions and Calpers more negatively, the negotiations with Calpers will presumably be more contentious and adversarial," said Michael Sweet.